There is now widespread recognition by economists and industrial planners that, after some decades of historically unprecedented economic growth, the world economy is in a period of transition.
The conditions which govern and shape best-practice industrial accumulation are changing, and new types of economic structures are now required for competitiveness to be achieved. This transition is reflected in a significant decline in both productivity growth and GDP growth in Europe and North America, a phenomenon which first emerged in the late 1960s. By contrast, in Japan and the Asian NICs it is reflected in a sustained high rate of growth.
These changing conditions of industrial accumulation affect all economies – including developing countries and require appropriate policy responses if economic decline is to be averted.
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